$30m Funds for German Firm Buynomics

Cologne, Germany-based AI-powered pricing and revenue optimization specialist Buynomics has raised $30m in Series B funding, to be used for global expansion - with a focus on North America - and to continue development of its Virtual Shoppers AI technology.

Buynomics was founded in 2018 by Dr. Ingo Reinhardt and Dr. Sebastian Baier (pictured L to R), and now boasts over 70 staff and clients in more than 25 countries. The firm helps clients mainly in consumer goods companies and telcos to optimize pricing, promotions and portfolio strategies in real time through large-scale simulations of the behavior of real-world shoppers.

The round was led by Forestay Capital, with participation from Anais Ventures, VI Partners, and existing investors Insight Partners, Seedcamp, DvH Ventures and Tomahawk Ventures. Buynomics says the money will fuel four key growth objectives: the acceleration of global growth, including strengthening the team in Europe and expanding into the US and Asia; enhancing its AI-based prescriptive analytics and autonomous decision-making features; moving into new verticals such as retail, consumer electronics, and consumer healthcare; and adding platform integrations for seamless connections with supply chain, finance and market research ecosystems.

Co-founder and MD Baier says the raise is 'a defining moment' for the company. He explains: 'This significant investment propels us into the next phase of our evolution, accelerating our expansion into North America and reinforcing our position as the go-to platform for revenue management and optimization. With this funding, we are set up to scale effectively and continue to deliver value to our partners worldwide'.

The firm is on the web at www.buynomics.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.